The Mortgage Loan Process: an Overview
No doubt, a lot to do in oder to get a mortgage loan. You wouldn't be researching mortgage loans if it were possible to get a mortgage loan in one day by filling out a simple application. But Arizona Wholesale Mortgage LLC does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in getting a mortgage loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? Use the calculators on our website to determine your monthly payment amount. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.
Step two: complete a pre-qualification
This is where the process really begins and Arizona Wholesale Mortgage LLC can really save you money. You will give us details about your employment, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. We will go over this information then give you a pre-qualification letter. Handle it with care — it is a useful tool when you make your offer! Your agent will likely use the pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for your new house with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
Once you have made an offer and it's been accepted, you should complete the loan application. Applying for a loan couldn't get much easier; you can apply online right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will coordinate to find a title company to handle the funding of your loan once it has been approved. We'll work with this company to ensure all the papers your lender requires are avaiailable, and you will probably}likely sign everything at this company's officeWe coordinate with the title company on your date of closing. Because you will not have to coordinate this process, you get to think about the move, if you're going to repaint, carpet, and all the details of moving into your new home.
You've answered a few questions, provided lots of information, applied online, and the next thing you know, you are moving in! We take care of all the loan details so you can focus on finding your new home.
Have questions about the loan process? Call Arizona Wholesale Mortgage LLC at 602-369-8482. It's our job to answer lending questions, so we're happy to help!